"The culture has shifted away from conspicuous consumption, so if you are going to have a super expensive product this may not be the time for it," Avi Greengart, research director for consumer devices at Current Analysis, told Wired US.

"Super expensive, bling bling phones are big in markets where conspicuous consumption is a way to tell your countrymen you have arrived. But now, it's a very different economy for everyone."

It's not over yet

However, head of Vertu (that firm that makes phones with a butler button... yes, a button to get stuff) Frank Nuovo, believes high end phones, like cars and handbags, will endure:

"The concept is same as a fine watch or a fabulous car. To be a true luxury product, you have to look at making something that doesn't have an 18-month shelf life.

"Take watches and cars. They all run the same but everyone has a unique way of delivering them stylistically. We can do the same with phones."

However, it seems Moto might have got the point - it has reportedly cancelled the latest iteration in its mega-expensive range, the Ivory E18, following poor interest from carrier.